Zillow Accelerates Program for Buying and Selling Homes
Zillow has partnered with three traditional brokers to represent Zillow and consumers.
(Mountain Lakes, NJ, June 7, 2018) — In a long-anticipated move that has roiled the real estate industry and perplexed Wall Street, Zillow announced an ambitious expansion of its pilot program to buy and sell homes.
Seeking to reassure the brokerage industry, which has chafed at Zestimates and groused about Zillow’s advertising practices, Zillow says it will use local agents to transact the deals.
Zillow announced partnerships with three brokerages: West USA in Phoenix, Berkshire Hathaway HomeServices Arizona & Nevada Properties in Phoenix and Las Vegas, and Coldwell Banker Premier Realty in Las Vegas.
All three brokers say they’re keen to occupy a front-row seat during the unveiling of a new business model.
"Whoever’s going to disrupt the industry, I want it to be us," says Mark Stark, owner of Berkshire Hathaway HomeServices offices in Phoenix and Las Vegas. "The world continues to evolve and change, and we want to be part of that."
Spencer Rascoff, Zillow’s chief executive officer, stressed that Zillow’s expanded Instant Offers program won’t cut out Realtors. When a homeowner asks for an Instant Offer, Zillow will submit a bid and also provide a comparative market analysis (CMA) from an agent at one of the firms it has partnered with.
If the seller accepts the Instant Offer, Zillow will make repairs and list the home for sale as promptly as possible. A local agent will represent Zillow in the purchase and sale of each home, letting agents earn commissions.
If the seller rejects the Instant Offer, the agent who provided the CMA presumably will have pole position to land the listing.
More on Zillow’s new Instant Offers program and responses from broker/owners appears in the June issue of Real Estate Broker’s Insider.
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